Erasmus School of Economics
Road to 2013
ANNUAL REPORT 2010
Road to 2013
The social, political and economical climate is changing rapidly. These changes have been used to draw up the Erasmus 2013 programme. After intensive deliberations with a range of partners, Erasmus University Rotterdam (EUR) has set a course towards 2013. The vision document is our compass and agenda. The challenge is to make these ambitions come true. In October 2008 the deans and the Executive Board of EUR signed the Erasmus 2013 covenants containing the School-related goals that should be realised by 2013. These goals are, of course, related to our mission, vision and strategy. This booklet contains an overview of the goals in the covenant EUR 2013 and the progress made towards meeting these goals.
Education 1: Improve performance of existing education programmes Performance in the Bachelor’s and Master’s programmes is above the median in the national education assessments. Educational performance is at least at the national average for the relevant educational programmes. By 2013, the average post-BSA (Binding Study Advice) performance of all bachelors’ programmes should be 40% after 4 years and 70% after 6 years. By 2013, the performance of the IBEB bachelor’s degree programme should be 60% after 4 years.
Progress: In the cohort 2006-2007, after four years of study, the performance at bachelor’s level in Economics was 48%, in Econometrics 47% and Economics and Informatics 55% - far above the aforementioned 40%. Economics and Taxation (26%) is still quite a long way under the 40% after four years. As the BSA was implemented in 2005-2006, there are still no 6-year post-BSA performance figures available. The cohort 2006-2007 of the IBEB programme has a post-BSA performance of 61% which is slightly above the aforesaid 60%. Since IBEB was started in 2006-2007, these are the only post-BSA performance figures available for this programme after four years.
Performance of the bachelor and master students* Cohort:
02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10
295 300 302 307 323 375 359 350
Doing a bachelor's degree
Doing a master's degree (BvT***)
Doing a master's degree (Received a BA)
Quit after the bachelor's degree
Acquired a master's degree
742 698 718 707 780 835 952
Bachelor's performance (%)
54 48 45 43 35 20
Master's performance (%)
45 35 29 19 8 1
* ** ***
These numbers are difficult to interprete because of the change from the doctoral structure to the bachelor-master structure Quiting one's study is based on not registering for the next academic year. These are not fixed data: following a break in study a student might reregister for further academic studies. BvT: Bewijs van Toelating ( Admission Certificate)
Throughput Bachelor (%) 60% 54
Cohort Cohort Cohort Cohort Cohort Cohort 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 4 years
Education 2: Expansion of English language bachelor's programmes offered by 2013 All master’s degree programmes are offered in English; an international project is part of the study programme for at least a quarter of the students; the feasibility of providing at least one other bachelor’s degree programme in the English language will be investigated.
Progress: Except for the MSc. in Economics and Taxation, all our Master programmes are offered in English. This year, 70 ESE students participated in exchange programmes, which was a decline of 11% compared to the previous academic year. With the University conferring 500 to 600 bachelor's and master's degrees each year, this means that approximately 12% of ESE students participate in one of the exchange programmes. If we consider the IBEB programme as an international project, on average around 15% of our students participated in an international project (calculated over the last four academic years). In addition, various internationally oriented programmes are offered to our students by the study associations; participation in these programmes is not included in the educational statistics. ESE decided to offer an International Bachelor’s programme in Econometrics and Operations Research, which will kick-off in September 2012.
Exchange students 160 140
40 20 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Education 3: Bachelor’s and Master’s programmes among the Top 3 in the Netherlands and Master’s programmes among the Top 10 in Europe ESE has at least two Research Master’s programmes that are internationally recognised as leading programmes. ESE ranks above average in the national educational assessments.
Progress: In 2009, the educational programmes of ESE were assessed. Seven Bachelor’s and Master’s programmes were reviewed by an external committee. The assessment panel was very positive about the guidance of first-year students, the binding study advice and the early preliminary advices in the bachelor degree programmes. Special attention and compliments were given to the well thoughtout educational system of ESE. Moreover, according to the assessment panel, our seminar is an exceptional and strong teaching method which is extremely suitable to incorporate research developments into educational programmes. Furthermore, ESE is part of the so-called Excellence Group of the German Centre for Higher Education Development (CHE). The CHE is an independent German institute which draws up ranking lists of European higher education institutions (HEI). On the basis of the assessment in 2009 ESE was awarded the Excellence Group label. In 2010 an external evaluation committee of international experts judged both the graduates programmes of the Tinbergen Institute and ERIM to be excellent.
Education 4: Specific programmes for special students By 2013, ESE will have at least two types of honours programmes for excellent students in the Bachelor phase, namely Honours Classes and double degrees. An investigation will be conducted to determine whether, in addition to the research Master, it is also possible to make use of Honours Classes in the Master phase, and whether Honours Classes can be introduced for VWO (pre-university education) students in collaboration with VWO institutions. The Bachelor’s Honours Classes have accepted 20 students into the Honours Classes and in 2010 a report will be available with conclusions about the introduction of an Honours Class in the Master phase and Honours Classes for VWO students.
Progress: In 2009-2010, 13 students were accepted to the PricewaterhouseCoopers Honours Master. The aim of this Honours Master is to fulfill the needs of excellent master’s students in Accounting, Auditing and Control; the programme combines theory and practice in a unique way and has been developed in close cooperation with PricewaterhouseCoopers. In 2010, 10 of these students obtained their master’s degree. The Master Class in Actuarial Sciences started with a kick-off in December 2009. A total of 28 students started the programme, 27 of whom successfully completed the Master Class. This programme has been developed in cooperation with the Allianz Nederland Groep and only students from the programme in Econometrics and Operation Research are accepted. In 2010, the Ministry of Defence started a Honours Master in combination with students of the master’s specialisation Economics of Markets, Organisations and Policy. Only 5 students from this specialisation are accepted in the programme. ESE offers 30 of its best performing and most committed students the opportunity to participate in the Bachelor Honours Class. The program is designed to provide extra challenge in addition to the regular curriculum. The goal of the program is to extend economic knowledge and to increase academic skills. Participating students follow intense and interactive guest lectures by experts in the fields of science, business and politics. The lectures cover various current economic issues. The students also write and present academic papers. The Honours classes for the VWO students have not started yet. www.ese.eur.nl/annual_report
Education 5: Explore joint/double degree opportunities The number of double degrees will be expanded to at least 2.
Progress: In 2010 ESE extended its investigation into starting a double degree master’s programme in Accounting, Auditing and Control together with the Anton de Kom University of Surinam. ESE expects to reach to an agreement in spring 2011, meaning that the first Surinamese students will participate in the ESE’s master’s programme from September 2012 onwards. Moreover, this year ESE agreed upon the start of a double degree master’s programme together with Università degli Studi di Trento (UniTN) in September 2010. This programme allows graduate students from ESE and graduate students from the Faculty of Economics of UniTN to simultaneously pursue the MSc degree from ESE and the MSc degree (laurea magistrale) in Finance from UniTN. The scholarship includes an internship at APG Amsterdam for the Italian students and at APG partner PensPlan in Bolzano for the Dutch students.
Education 6: Increase the number of international students IBEB’s attraction to foreign students is maximised by class composition (at least 50% foreign students) and an international instructor corps composition. IBEB enrolment should grow to a maximum of 200 by the 2012/2013 academic year. At least 50% of the enrolment will consist of foreign students. In 2013, the performance of the IBEB bachelor’s programme will be 60% after 4 years. The percentage of foreign master’s students must increase during the planned period so that roughly one-quarter of the students will be from abroad by 2013. The feasibility of providing at least one more bachelor’s programme in English will be investigated.
Progress: The acceptance rate for the IBEB programme has been reasonably constant in recent years, with an average of 120 students per year. However this year’s number of students accepted to the IBEB programme increased remarkably. A total of 155 students started in the IBEB programme of which 95 hold a foreign nationality (61%). Which is comparable with previous years (around 60%). The acceptance into IBEB-3 has decreased because these students nowadays transfer to the pre-master’s IBEB programme. The reason why these categories are not combined in the overviews is that IBEB-3 students obtain a bachelor's degree whereas the pre-master’s students (IBEB) do not.
Influx IBEB 180 160
100 80 60 40
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
IBEB - 1
IBEB - 3
Furthermore, this year 826 students registered for one of ESE’s master’s degree programmes. A total of 28% of the students in the master’s programme in Economics and Business hold a foreign nationality. This year out of the total students registered in one of the master’s degree programmes, 23% hold a foreign nationality compared to 18% last year.
International students IBEB
Education 7: There is sound coordination between bachelor’s and master’s programmes There is a clear difference in level between bachelor subjects and master subjects. Each master’s programme will be concluded with a master’s thesis. The various master’s programmes and specialist courses are sufficiently distinctive from each other. They focus on further specialisation. The programmes are inspired by views of recent and expected developments in the individual areas of economics, and the resulting need for knowledge and skills. For the coming years, the aim is that around half of the original number of accepted students will achieve a master's degree. The intake in the Mr-drs variant is at least equal to the intake in 2008.
Progress: ESE introduced the bachelor/master system in the academic year 20022003. The figures for the intake of cohorts show that out of the initial BA/MA cohort of 742 students, 45% acquired their master's degree after eight years, while 74 students are still finishing their master's degree. A master’s degree performance of 50% (for the first cohort) will be achieved if all of these 74 students obtain their master's degree. The acceptance of students in the Mr.drs programme over the recent years is:
Acceptance of Mr-drs students Accepted in
2006 - 2007
2007 - 2008
2008 - 2009
2009 - 2010
2010 - 2011
* The number of Mr.drs students slightly increased to the amount of accepted students in 2009, but decreased in absolute terms.
Education 8: Participation in the Duisenberg School of Finance ESE is the leading provider of at least one of the master’s programmes and participates to a significant extent in at least two of the master’s programmes of the Duisenberg School of Finance. It fulfils an important role in the design and execution of the Finance MPhil programme.
Progress: ESE attracts students to the master’s degree programme in Risk Management, at Duisenberg School of Finance (DSF). At the moment, there are not enough qualified faculty members to actively participate in other master’s degree programmes of DSF. However, ESE does actively participate in the MPhil Finance programme. Courses are taught at the Tinbergen Institute on behalf of DSF. Moreover, faculty members are active in DSF’s Bankers Course, which is an executive course for managers of financial institutions.
Education 9: Adequate deployment of staff In Bachelor-1 and Bachelor-2, at least 25% of the tutorials will be conducted by members of the teaching staff. In the bachelor phase, teaching tasks will be undertaken by Faculty members working towards their doctorate or having completed their PhD. In the master phase, only holders of a PhD will be teaching. In Bachelor-1 it is especially important that full professors and top lecturers make an effort to teach, due to their position as role models. ESE monitors the performance of its lecturers. The teaching evaluations for lecturers participating in the IBEB programme must produce a minimum score of 3.75.
Progress: The number of lecturers that contributed to giving lectures and tutorials in the academic year 2009-2010 (this does not concern the overall participation in education):
Number of lecturers in 2009-2010 Number of lecturers
Bachelor programme 173
51 (16%) 5 (2%)
28 (9%) 5 (2%)
Master programme 101
33 (18%) 0 (0%)
17 (9%) 0 (0%)
The relatively high number of full/endowed professors and associate professors that lecture in the bachelorâ€™s degree phase is 71%, whereas 66% lecture in the masterâ€™s degree phase. External lecturers are often employed in both phases, some of whom might hold a PhD.
Deployment of lecturers in Bachelor 1 and 2
Total 79 Percentage
4 3 18 1.6
146 (47%) 22 (8%)
13 (4%) 46 (17%)
7 (2%) 178 (64%)
69 (22%) 20 (7%)
314 (100%) 276 (100%)
71 (39%) 3 (18%)
13 (7%) 8 (47%)
1 (0%) 2 (12%)
45 (25%) 4 (24%)
180 (100%) 17 (100%)
Approximately 28% of the tutorials were conducted by faculty members of ESE (full/endowed professor, associate professor, assistant professor or PhD-student). In the Bachelor-1 and Bachelor-2 programmes in the academic year 2009-2010, the following number/type of lecturers were deployed in tutorials: PhD Student
Education 10: EUR market leader in non-degree education No later than the end of 2010, a decision will be taken concerning the development of a specific commercial (post) non-degree programme for students who hold a bachelor's degree in economics or taxation. The same applies to students who wish to complete a continuing education programme in a financerelated field. ESE will investigate the extent to which there is a need for additional accredited non-degree education programmes that match ESEâ€™s expertise. The quality of the current non-degree education programmes will be maintained at current levels and will be periodically reviewed.
Progress: ESE and FEI (Fiscaal Economisch Instituut) are conducting a study regarding the possibility of introducing a post-initial programme in Economics and Taxation (post-initial: after completing a bachelor's degree elsewhere and/ or after gaining work experience). The experience in this track will be used to evaluate whether to follow up with other programmes. With regard to Finance, we will first need to attract new high-potential participants before we examine whether to include a post-initial programme in Finance. From our contact with the private and public sector, we know that at the present time companies are very reluctant to commit themselves and to provide the funding for non-initial degree programmes. ESE continues to invest in contacts with the private and public sector in order to increase its reputation and to ensure that money will be funnelled towards it once the economy picks up. This strategy demands for considerable marketing efforts.
Research 1: ESE will be one of the leading (inter)national institutions It is ESE’s goal to be among the top 30 worldwide in at least two scientific fields; to be among the top 10 in Europe averaged over all scientific fields; to maintain top-three status in the Netherlands in each academic field as a minimum.
Progress: The Leiden University Centre for Science and Technology Studies (CWTS) has performed a study about the position of the Erasmus University Rotterdam in the field of Economics (see table below for results 1999-2009). This study showed that the EUR is the 36th institution in the world, the 9th institution in Europe and the 1st in the Netherlands on the subject of Economics, based on the crown indicator. The crown indicator (CPP/FCSm) is the well-known indicator developed by the CWTS and measures the citation impact (and is often noted as a proxy for quality). A crown indicator above one means that the impact is above world average. To better examine the position of ESE a further study by CWTS is preferred. University
Crown Citations Total Indicator per paper publications
1 UNIVERSITY POMPEU FABRA BARCELONA (SPAIN)
2 CTR ECON POLICY RES (GREAT BRITAIN)
3 LONDON SCH ECON & POLIT SCI UNIVERSITY LONDON (GREAT BRITAIN) 1.64
4 UNIVERSITY COLL LONDON (GREAT BRITAIN)
5 STOCKHOLM SCHOOL OF ECONOMICS (SWEDEN)
6 UNIVERSITY OXFORD (GREAT BRITAIN)
7 UNIVERSITY CAMBRIDGE (GREAT BRITAIN)
8 UNIVERSITY WARWICK (GREAT BRITAIN)
11 UNIVERSITY YORK (GREAT BRITAIN)
12 IZA BONN (GERMANY)
14 UNIVERSITY ESSEX (GREAT BRITAIN)
15 KOBENHAVNS UNIVERSITY (DENMARK)
16 VRIJE UNIVERSITY AMSTERDAM (NETHERLANDS)
17 UNIVERSITY TILBURG (NETHERLANDS)
18 UNIVERSITY MAASTRICHT (NETHERLANDS) 19 UNIVERSITY CARLOS III MADRID (SPAIN)
20 UNIVERSITY NOTTINGHAM (GREAT BRITAIN)
9 ERASMUS UNIVERSITY (NETHERLANDS) 10 UNIVERSITY AMSTERDAM (NETHERLANDS)
13 UNIVERSITY MANCHESTER INST SCI & TECHNOL (GREAT BRITAIN)
Research 2: ESE will award at least 25 PhDs each year
Progress: In 2010, a total of 21 PhDs were awarded. The expectation is that in 2011 ESE will meet its targets again.
Research 3: ESE is one of the top recipients of personal grants from the Netherlands Organisation for Scientific Research (NWO) During the period 2008-2013, 8 VENI grants, 3 VIDI grants and 1 VICI grant will be acquired.
Progress: In 2010, Dr Aurélien Baillon has been awarded with a Veni Grant. In total six members of our Faculty applied for a Veni grant. There were no applications for Vidi or Vici grants. Furthermore in 2010 ESE obtained € 800,000 in the so called Open Competition Programme of NWO and Professor Jean Marie Viaene and Dr Annette Pelkmans have received a € 700,000 WOTRO subsidy for a 4 years project. The project will be executed in collaboration with RSM, the University of the Philippines and the Asian Institute of Technology in Bangkok, Thailand.
Research 4: Promoting basic quality of the research programmes All research that qualifies as such is accommodated in the Tinbergen Institute and/or ERIM. At least 80% of our Faculty must be affiliated with either the Tinbergen Institute and/or ERIM.
Progress: In December 2010, 69% of our researchers were affiliated with at least one of our research institutes. Regarding the recruitment of new faculty members, the existing output is also considered, which implies a qualification of an affiliation to at least one of our research institutes within a reasonable time. www.ese.eur.nl/annual_report
Research 5: Participation in the 7th and subsequent EU framework programme At least â‚Ź4 million in European Grants will be acquired between 2008 and 2013.
Progress: In relation to acquiring European grants, ESE has again been successful in the People Programme which is a feature of the Seventh Community Framework Programme (FP7) this year. Dr Gui Liberali has been rewarded with the Marie Curie Individual Fellowship Grant. He received the grant to further develop his ideas over a period of two years.
Research 6: Governance, coherence and focus on the organisation of 3rd flow funding The 3rd flow funding is accommodated in separate Private Limited Companies.
Progress: Universities are principally founded on two sets of activities: teaching and research. The 3rd flow funding is concerned with the generation, use, application and exploitation of knowledge and other university capabilities outside academic environments. In other words, the so-called Third Stream is about the interactions between universities and the rest of society. ESE has ten affiliated companies. See booklet ESE Today, page 7.
Organisation 1: Dual focus for our faculty A dual focus of our Faculty is mandatory: all members of the academic staff who have teaching duties also participate in scientific research. The involvement of the individual member of the academic staff is ideally 40% in research and 60% in teaching. Doctorate requirement: the basic assumption is that of ESEâ€™s permanent academic staff, 100% are full, endowed or associate professors and 95% of associate professors hold doctorate degrees.
Progress: All faculty members participate in both education and research. This is a requirement set for all appointments. ESE applies an active policy to deploying full, endowed and associate professors in the Bachelor-1 courses. This involvement can still be improved, but more time is needed. New members of our staff in the positions of associate professor and assistant professor will be appointed only after they are awarded their PhDs. In 2010, 96% of our faculty members have a PhD. As part of the performance interviews, clear agreements have been made with faculty members who do not hold a PhD, about the period for acquiring the degree and the publications that will need to be submitted per year in order to acquire the degree in time.
Organisation 2: Tenure track mandatory ESE wants to apply the universityâ€™s career and mobility policy when attracting young scholarly talent as members of the permanent staff. The basic principle is that career growth and development is first and foremost the responsibility of the faculty members themselves. ESE wishes to support employees in making targeted and sound career choices (decisions to progress, stay or leave). This implies a career system where the relationship between good performance and career is much more direct than is the case currently.
Progress: ESE has reached an understanding with the Personnel Council (PSFR) about a tenure track system that has been implemented as of January 1st 2010. This system will apply to all newly recruited faculty members who hold a permanent position. The basic idea is that a person who joins the staff as an assistant professor can progress to a position of an endowed professor (â€œUHD met baretâ€?), on condition that he or she meets certain criteria. At the time of the appointment, the person is clearly informed about the necessary requirements and what type of training/guidance the School can offer.
Organisation 3: Objectifying the assessment of its employees The School aims to objectify the assessment of its employees. Clear and unambiguously interpretable performance requirements must also be set for supporting and management staff.
Progress: For a number of years now, there has been continuity and consistency in conducting performance appraisals and in recording their results. In every individual report, SMART agreements are negotiated concerning teaching tasks, research results and managerial duties for faculty members and specific tasks and managerial duties for support staff. The following year, these agreements are evaluated and new SMART agreements are negotiated.
Organisation 4: Professionalism of teaching among the lecturers Faculty members will be selected exclusively on the basis of their teaching qualities. When appointing academic staff for a permanent position, the teaching qualities of the individual concerned will play an important role. Excellent teaching performance will be visibly rewarded. All staff carrying out teaching duties will be required to attend teacher training courses, which must deal with teaching methods as well as the skills required to design examinations, course tests and other forms of assessment properly. The aim is for all new faculty members and student assistants to attend courses in order to raise and maintain the standard of competences in this area. These courses must be taken up within one year. There will also be periodic further training for all existing faculty members and compulsory further training for those who are felt to provide, or may provide, a substandard level of teaching.
Progress: All employees who have teaching tasks are obliged to have didactic training (in didactics and the skills to properly devise exams, study tests and other forms of evaluations). The intention is to offer courses that focus on raising (and/or maintaining) these competencies to a certain level, to all newly appointed employees and student assistants. They will have to take advantage of this offer within one year. In addition, periodic training will be mandatory for all employees who do not perform adequately. There are additional courses that the School recommends to teachers, such as theatrical techniques and presentation skills.
Organisation 5: Increase the diversity of personnel The School aims to achieve greater staff diversity. This involves increasing the number of women in academic positions and the number of staff from ethnic minorities in all job groups (academic and non-academic). The dean will hold the academic staff accountable for scouting for talent among ethnic minorities and women. A Master Class will in any event be organised on this topic. The annual reports will specifically address the increase in ethnic and female staff members. Specific attention will be devoted to scouting for talented students who form part of the diversity target group for a career at the University. Every doctoral student from an ethnic minority will be assigned a mentor from the Faculty who will be responsible for providing coaching in those aspects that are not specifically focused on the academic output.
Progress: The Mature Talent Project has entered its fourth year and the number of mature talents has reached a total of ten. Two mature talents have been awarded with a PhD and are appointed as assistant professor. It was decided to stop recruiting new mature talents for the time being, because the increase in female talents via the normal channels has progressed quite adequately. See booklet ESE Today, page 10. In 2010, ESE set up a training programme for ethnic minority students. Students with certain teaching scores are invited to participate as student assistants in a research project. In addition, they attend a monthly seminar. A total of 8 students started in the programme in September 2010.
Organisation 6: Increasing the exposure of ESE Each member of the academic staff will make regular contributions to the online platform EconomieOpinie.nl. In the performance interviews, specific attention will focus on the extent to which members of the academic staff have contributed to the exposure of ESE and the university.
Progress: EconomieOpinie.nl is an online platform that economists at ESE can use to voice their opinions on topical economics issues at home and abroad. This platform enables the School to make a contribution to political and social debate from an academic perspective. In 2010, 46 articles were published, several of which prompted debate in the media. A book was published containing a selection of the opinion articles that appeared in the academic year 2009-2010. Our prominent academics regularly appear in the media, on television, radio and in newspapers and magazines.
Organisation 7: Financial support from our alumni and business In 2013, the ‘Club of 1000’ will have at least 1,000 members. This club consists of a select group of 1,000 of our alumni who provide ESE with financial support. In 2013, the School will have acquired 4 Diamond Sponsorships. Further more 4 companies will each contribute 400,000 Euros per annum for a period of four years. In return for this financial support, these companies will be given unique and privileged access to the best students, the opportunity to participate in seminars/workshops/PhD studies and the opportunity to publicise themselves in ESE brochures.
Progress: It is now clear that the establishment of a “Club of 1000” and the agreement of so-called Diamond Sponsorships will require more time than allowed for by the duration of the covenant agreement. Longer term relationships will need to be established with our alumni and with preferred companies before we can capitalise on these connections. With the launch of the Erasmus Education Fund (EEF), the School has tried to demonstrate that staff, students and alumni are capable of working together to raise money for the support of initiatives, that enable talented youths from impoverished backgrounds to develop into the leaders of the next generation with the aid of further education. EEF focuses on: • supporting organisations that contribute to the development of talented individuals who are among the most capable in their environment of pursuing further education; and • through the fund, directly disbursing grants to talented individuals who will be studying at ESE or one of its partner organisations.
Organisation 8: Quality Management supporting the organisation At the end of each month, the management information systems produce automated management reports. This enables full consolidation on a monthly basis.
Progress: Each month, after the closing of the administration, a data dump is produced for the separate organisation units of ESE. In 2010, ESE produced reports on four occasions, including year-to-date figures (realisation and budget). www.ese.eur.nl/annual_report
Annual report 2010 The digital version of our annual report can be found on our website: www.ese.eur.nl/annual_report. Here you can find more information on several subjects as well as photo impressions and film clips. Additional information, photo impressions and film clips are indicated by
Talent Development Creation of Knowledge Involvement in Society
Road to 2013 ESE Today
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